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Slovakia Inflation

Slovakia: Consumer prices drop into the negative territory in January

February 13, 2015

In January, consumer prices fell 0.1% over the previous month, which came in above the 0.3% decline tallied in December. January’s reading mainly reflected lower prices for transport, as well as for clothing and footwear, and housing. Conversely, food and non-alcoholic beverages, as along with alcoholic beverages and tobacco recorded higher prices than in the previous month.

Consumer prices declined 0.2% in January compared to the same month of last year, which contrasted the 0.2% increase observed in December and marked the lowest reading since December 2009. Meanwhile, the harmonized index of consumer prices fell 0.28% in monthly terms in December, the last month for which data is available.

The National Bank of Slovakia (NBS) expects inflation to average 0.5% in 2015 and 1.8% in 2016. FocusEconomics Consensus Forecast participants expect HICP inflation to average 0.7% in 2015, which is down 0.2 percentage points from last month’s forecast. For 2016, the panel expects HICP inflation to increase to 1.8%.

Author:Cecilia Simkievich, Economist

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